REIT And Consumer Sectors May See Resilient Movement Amid Market Volatility

Stocks with defensive characteristics may be the focus with REITs and consumer sectors seeing resilient movement amid the market volatility, Malacca Securities said in a note.

On the contrary, the stockbroking firm said that selected technology stocks may take a beating ahead of the possible interest rate hike in the US, tracking the pullback in Nasdaq overnight.

On the local bourse, it said that the FBM KLCI (-0.4%) snapped a four-day winning streak, on the back of profit-taking activities with two-thirds of the key index components closed lower.

It said that the lower liners, however, ended mixed, while the broader market closed mostly negative with the construction sector (-0.7%) taking the worst hit.

On the global markets, it said that Wall Street retreated as the Dow (-0.7%) fell on sluggish economic data after new home sales in June 2022 shrank -by 8.1% MoM, while consumer confidence in July 2022 slipped to 95.7; the weakest since February 2021. The European stock markets turned downbeat, but Asia stock markets ended mixed.

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